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TURNING THE COMPLICATED INTO THE SIMPLE is a basic aim of online brokerage. It means bringing together the prices of everything from Nokia shares to options on South African gold to U.S. Treasury bonds on a single platform. It means simultaneously offering insights into Malaysian politics and Florida housing costs while organizing millions of electronic messages from global bourses for data, orders and transactions into information that investors can act on instantaneously.

Increasingly, these brokers must try to make intricate derivative structures understandable. And all this must be served up at credible prices.

Barron's brief in our 13th annual ranking of the Best Online Brokers is similar. We've pored over the offerings, operations and pricing of 23 firms to hone in on the best ones. Why not just one? It's our view that different keystrokes work better for different folks. In other words, buy and hold investors don't need all the turbo-charged power and performance that frequent traders do. And options and international players have their own requirements. So we name one best overall broker and the leaders in four other categories. You can even use our tabulations to come up with your own five-star broker based on personal preferences.

This year it's simple: A first-time victor -- boasting very powerful trading technology and top-notch analysis, charting and backtesting -- won in four of our five categories (overall, options, frequent traders and international).

We've done our own streamlining this year. For the first time, we evaluated the brokers as a single group rather than dividing them into software and Web-only categories. Software-based brokers were once assumed to be aimed only at extremely frequent traders, while Web-based brokers were designed more for buy-and-hold investors. These days, however, capabilities are converging, and many brokers offer multiple methods of accessing your trading account. In their quest to grow, some brokers who previously sought out only professional traders are now targeting less sophisticated users. And vice versa. As a result, the division no longer made sense.

PUSHING THIS CONVERGENCE even further is the application of improved Web technology and tools like Javascript and AJAX (Asynchronous JavaScript and XML) that give browser-based systems more of a direct access feel. Web-based brokers now are able to offer services that were once only seen in software applications, such as streaming data and context-sensitive research.

Despite the acquisitions, competition remains intense with banks like Banc of America and Wells Fargo offering free trades for customers with substantial balance. Overall, our analysis puts the average commission at $6.52 this year, up a bit from $6.35 last year, for a 500-share block. A number of firms, meanwhile, cut their options commissions last year.

We subjected all these rivals to a rigorous evaluation across eight categories. These included the types of tradable investments, the quality and ease-of-use of screeners that help you choose stocks, options or funds as well as the site's overall functionality and potential for customization. We also looked at the various ways trades can be placed with each broker, such as whether an order can be submitted from a graph, and customer service. In reviewing costs, we considered not only stock and option commissions, but the interest rate charged for margin debt; on the flip side, we compared the monthly income you can generate on your idle cash.

Despite the acquisitions, competition remains intense with banks like Banc of America and Wells Fargo offering free trades for customers with substantial balance. Overall, our analysis puts the average commission at $6.52 this year, up a bit from $6.35 last year, for a 500-share block. A number of firms, meanwhile, cut their options commissions last year.

We subjected all these rivals to a rigorous evaluation across eight categories. These included the types of tradable investments, the quality and ease-of-use of screeners that help you choose stocks, options or funds as well as the site's overall functionality and potential for customization. We also looked at the various ways trades can be placed with each broker, such as whether an order can be submitted from a graph, and customer service. In reviewing costs, we considered not only stock and option commissions, but the interest rate charged for margin debt; on the flip side, we compared the monthly income you can generate on your idle cash.

We assigned a point value ranging from 0 to a high of 5 to our categories, and added up those points. We performed all our analysis assuming the customer had an online portfolio of about $100,000, trading at least 36 times per year, which entitles most to reduced commissions, extra research, higher-level service or other goodies.

Below are our two highest-rated firms overall (4 ½ stars) followed by 21 others that merited star treatment. We have a separate story on three bank systems. Also included is a table detailing all 23 firms' attributes and an in-depth outline of our methodology.

TradeStation (www.tradestation.com), which earned 4 1/2 stars, is Barron's new overall champ. What pushes this software-based firm to the top is its incredible trading technology and its powerful analysis, charting and backtesting capabilities. The system, like a Porsche 911GT3, isn't for everyone: The average TradeStation customer puts on 640 trades a year, far more than the typical buy and hold client would ever need. That's why it's our top pick for the frequent trader as well.

After downloading the current version 8.3 TradeStation software, you can design your own trading system, backtesting it against a deep historical database to see how well it works (or doesn't). You can start with your own ideas, or borrow from a huge library of strategies. There's a $99.95 per month charge for the platform unless you trade frequently, but I've seen more costly analysis packages that don't do as much.

Options traders can add a program called OptionStation, a very powerful tool that allows them to create their own options strategies. And the options commissions are reasonable, which helps explain the firm's victory in that category as well.

The platform dishes up data from its ultra-fast feeds, updating charts and quote screens and trading programs very quickly. Market orders are filled in a few milliseconds.

Besides stocks and options, you can trade mutual funds, bonds, electronic futures contracts (such as e-mini's), futures options, single-stock futures, and foreign securities on TradeStation (It also wins for international securities. There is an extensive array of help available, including live seminars and an online community of strategy traders. Enhancements to the platform are usually suggested by traders; the firm is very responsive to user requests.

Among the few shortcomings is the lack of a browser-based method for accessing your account. Margin fees are in the middle of the pack, but other fees are reasonable.

Thinkorswim (www.thinkorswim.com), whose innovative Java-based software platform made it the victor a year ago, is runner-up this time. It also earns 4 1/2 stars, though its point total trails TradeStation's by a hair. Customers can log in via a Web-based platform as well as multiple mobile devices, though President Tom Sosnoff says that 90% of users stick with the software.

The platform provides a wealth of tools along with lots of little jokes thrown in free of charge. Sosnoff and his programming team have built in methods of trading from quotes, graphs, the positions page -- pretty much any place in the program that displays pricing or volatility data. The ability to perform options strategy backtesting was recently added, allowing users to test strategies based on five years of historical data. Thinkorswim will add graphing to this tool in the spring.

Customer service is outstanding at thinkorswim. E-mail responses are customized, and there is no wait time when you call in. Commissions are very reasonable, but if you don't like them, you can request a look at another broker's schedule. There are loads of ways to get educated about trading, especially options trading, both on the thinkorswim Website and by signing up for free live seminars.

Thinkorswim may appeal to a wider audience than TradeStation for its good humor and services. Both are technological marvels that are probably too much for those who don't want all the real-time bells and customizable whistles.

Here are the pros and cons of the rest of our four star and above firms. Interestingly, four of them are Web-based, one software-based and the others offer both Websites and software, a sign of the substantial progress browsers have made.

Pros: It not only charges the lowest commissions on stocks and options, but also has the lowest margin fees and pays near the top for cash (over $10,000). IB has worked hard to address one of our criticisms, which is the steep learning curve for using its TradersWorkStation platform, by introducing an Order Wizard. The Order Wizard coaches the user through placing a trade, and also shows the 40 order types available with the platform and why you would use them.

The platform has a new look and feel, and is more easily customized than previous versions. A new feature we like is the Contract & Securities Search, accessible from the IB Website. It displays all the futures contracts a user can trade, with an explanation of what they are and why you might want to add them. IB has even created account statements that allow investors to slice and dice their trading activity along numerous parameters to suit their own information needs.

For the international trader, IB recently added Mexico and Spain to its list of overseas exchanges. The firm will enable mutual fund and government bond trading in the near future, filling the last couple of holes in its menu.

Cons: Customer service remains an issue, despite the efforts to improve. This is a platform for traders who don't need much hand-holding.

Pros: This is a versatile Website with loads of tools and ways to track your portfolio. Easy to use, excellent education resources, and a wide array of items to trade, including futures. Options spreads are now priced by total contracts in the spread, not as individual trades, which can save customers money. For example, if you trade a spread with three legs totaling, for example, 12 contracts, most brokers would charge you for three separate transactions. If your broker charged $14.95 plus $1 per contract, you'd end up paying $56.85, but under OptionsXpress' new pricing, you'd pay just $26.95. In addition, margin rates are on the low end of the scale.

Cons: A high percentage of orders at OptionsXpress net the firm a payment from an exchange that pays for order flow, which can be a sign you're not getting the best deal (the firm insists customers aren't affected). Also, interest paid on cash in accounts is about half what most brokers pay.

Pros: The Fidelity site is very deep, and rich with planning and search tools. That's why it ranked highest for buy and hold investors: Customer service is good, long-range planning aids are excellent, moving money around is easy and educational programs are solid. Customers can use the Website, or if they qualify, download Active Trader Pro and its add-ons, Option Trader Pro and Wealth-Lab Pro. The Active Trader Pro package is appealing to frequent traders who don't want the complexity of TradeStation. Wealth-Lab Pro allows customers to test trading systems against historical data; you can get an introduction to backtesting for free at Fidelity.com. Fidelity's stock screening tool lets users specify a particular technical pattern or event, and allows the integration of technical and fundamental data as well as research provider ratings. It's very flexible and allows users to find new trading ideas. In addition, the road warrior has plenty of ways to access data and place trades.

Pros: A relative newcomer to the online brokerage business, TradeKing's site features new, slick tools that focus on finding and executing options strategies. A recent addition is Scivantage's Maxit, an automated cost-basis and portfolio-tax reporting system that not only tracks capital gains, but helps make better tax-related trading decisions. (Maxit does a better job with options transactions than its competitor GainsKeeper) The firm is extremely responsive to its customers, conversing with them in the TradeKing community as well as via live chat and phone support. The community features are embedded in the trading site, including the ability to calculate return on investment over various time periods. Costs are low.

Cons: Some features such as the return on investment calculation can only be used via the TradeKing Community, so they're unavailable if you don't want to share your trading activity with the rest of the world.

Pros: The firm's software platform, MBT Navigator, offers top-notch execution and order management that can be integrated with a number of charting and analysis packages, such as eSignal and QCharts. Orders are routed so that more than 50% receive price improvement. One very cool new feature is the ability to change a previously entered order by dragging and dropping it on the Market Depth display. Your order is highlighted so you can see it working after you've entered it; to change the price of a limit order, or to convert it to a market order, is as simple as clicking on it and dropping it somewhere else on the screen. Most other brokers require you to cancel the original order and fill out another ticket, which can cost you profits in a fast-moving market. Multiple accounts can be grouped with the Managed Account Trading tool. Foreign exchange trading has also been enhanced. The firm has low fees and offers a reasonable return on cash.

Cons: Analysis and charting are not built in so you must use a third-party program. There's also no mobile access.

Pros: Having opened to the public in January 2007, this new site is attracting active, experienced options traders with its powerful, yet easy to use, Website. Commissions are flat-fee; you can trade as many contracts as you'd like for $9.95, or as many shares of stock as you'd like for $4.95, whether you place the trade online or via a live broker regardless of how many trades you make in a year. Margin fees are low, making them a good value. You can access an order ticket from any page on the site and it's simple to close an existing holding when viewing your positions. The trade ticket is filled with all the information necessary to close the position, whether it's long or short. OptionsHouse also offers Maxit for tax reporting. Excellent customer service, and high-quality options education.

Pros: Very recently updated site that allows extensive customization and research that's tightly integrated with the customer's portfolio and watch lists. The new site includes complex orders, such as one-triggers-two and one-cancels-another. Wherever a symbol appears, you can access a wealth of third-party research from providers such as Multex, Standard & Poor's, Zack's, Baseline, and Risk Grades. The updated Options Wizard helps enter a complex option order, and calculates your profit and loss as you enter the order. The position page can be configured to show an overview, or you can drill all the way down to individual tax lots if you've made multiple purchases of the same security. This is a customer-oriented firm that goes out of its way to personalize pricing for large traders, or to handle large orders.

Cons: Options price structure is still very archaic because it's based on the total value of the transaction rather than on individual contracts. And it's expensive.

Pros: A huge effort clearly has been made over the last year to upgrade customization and improve the trading experience. The Global Trading Platform provides U.S.-based retail investors the ability to trade stocks online in six foreign markets, in each market's local currency, with real-time quotes for Canada, France, Germany, Hong Kong, Japan and the U.K., along with free company-specific research for stocks that trade on those exchanges. The updated Online Research Center keeps track of the last 10 ticker symbols you viewed, and presents several ways to get new trading ideas. E*Trade Pro, the software offering, includes free access to NASDAQ's TotalView and OpenView data, allowing customers to see every market maker in a given stock. (This service is available through some other brokers for a fee.) Pro's new Options Analytics suite gives options traders more data, and more ways to search for appropriate strategies.

Cons: The firm's mortgage business was hit hard by the subprime mess, hurting its financial performance and raising questions about whether it would eventually be sold. The company has denied any interest in selling. Customer service, while much improved this year, continues to be an issue.

Pros: Aiming at the peripatetic trader, Terra Nova enhanced its proprietary trading platform, DirectPro, which it picked up in its takeover of RushTrade. Option chains are presented in a concise and organized display with calls and puts for every expiration month and strike price, all in real time. Clicking on an option chain automatically loads it into the integrated order book, which allows the trader to choose a preferred exchange. The Trade Strategy feature offers users a variety of ways to automate their exits. They are then held on Terra Nova's server so the trades will execute even if you're not logged in. The layouts for DirectPro are easily customized, and the specifications are stored on Terra Nova's servers so you can switch computers and still access your most recent screen setup. The firm will soon add tools on its Website that allow investors to search for mutual funds. Traders can also use the RealTick trading platform for an additional fee though the firm's focus is on its proprietary platform.

Cons: Few tools for the long-term trader. Service is skewed towards the high end -- a plus for the semi-professional, but not so helpful to the less frequent trader.

Pros: A boutique firm that prides itself on offering top-notch customer service, ChoiceTrade gives clients three options for placing trades. The Website is clean and simple, plus there are two software programs available. The high-end program, ChoiceTrade Select, includes Option Vision, an intuitive tool for options traders. The firm also added a one-to-one mentoring program for the serious investor. Many of the changes were internal, designed to keep up with the explosion in quotes and data messages, enhancing the ability to perform during peak market times. The Select platform's backbone has regulatory requirements built in as well; this is an area that other brokers may struggle with over the next year.

Pros: Customers of all sizes and trading patterns can find useful tools here. The Client Concierge helps get new traders up and running quickly on Schwab's platforms with a free, one-hour private consultation to answer questions and smooth the process. For active traders, Schwab integrated its CyberTrader platform, which had required a separate account, into the total Schwab offering in December 2007. Schwab's Quotes and Research section allows users to search through industries and stocks using both technical and fundamental data. There are now 17 different news sources available to customers; clicking on a ticker symbol brings up a huge array of information on the firm in question. Schwab's Education menu displays live online workshops as well as a schedule of in-branch workshops.

Cons: Schwab still seems to operate as though it was a collection of different companies that overlap -- and occasionally confuse. Data is delayed for clients with under $100,000 in assets at Schwab.

Pros: Lots of tools, some inherited from the Waterhouse integration, with a focus on goodies for the long-term investor. Newly launched long-term investor products include WealthRuler, which helps clients design their retirement plan based on a variety of possibilities, such as market conditions, income earned after retirement and partner contributions. TD Ameritrade beefed up its portfolio planner; new tools include the ability to rebalance the portfolio quickly. The Bond Wizard helps customers find CDs and other fixed-income investments, while the Bond Ladder tool puts together a package of bonds that bring in a stream of income. Tools for more active traders include the downloadable tool StrategyDesk, with backtesting and automated order entry, and Options360, which helps options traders assess the impacts of various factors on option performance.

Cons: Costs are on the high end, and quotes are delayed for most customers. The site had big problems during the frantic trading on January 22; many customers were unable to get to their accounts for several crucial hours. Interest on cash balances is very low.

Pros: Big focus on speed of execution and serving up accurate market data. The platform is aimed at professional traders and hedge funds, so it doesn't have some of the creature comforts that a retail application might contain. But what it delivers shows up very quickly. There's a focus on charting, real-time news and multiple methods of entering an order. Trading windows are linked together to provide an obvious flow to the order process. Users can customize their settings, and when they move to another computer, the settings follow them. Low fees for active traders.

Cons: Complex options orders must be entered a single leg at a time, so spread trading is not supported.

Pros: Stable company with a well-designed, easy-to-use Website and a direct access application called Scottrade Elite. The various screeners (stocks and mutual funds) are new this year, and make use of "smart text" analysis, which gives you results based on the chart or table you're currently viewing. It's a slick feature, and one we enjoyed playing with. Customer education, on topics ranging from using the platforms effectively to reading the markets, is a focus. Scottrade has 20 podcasts on iTunes, and plans to add 22 more over the next year, plus live seminars at 342 branch locations. Company officials report that most of their new customers are generated by referrals from existing clients, believing that happy customers bring in new ones.

Cons: Does not yet offer complex options trading, but promises its introduction later this year through technology supplied by OptionsHouse. Realized gain and loss reporting is delayed.

Pros: Overhauled its Portfolio Page to better track gains and losses, including tax-lot accounting. The firm launched an Online Security Center in 2007 that is designed to educate customers about security issues; as part of that effort, customers get free anti-virus and anti-spyware software from Trend Micro. Firstrade will add Gainskeeper's tax accounting in the next month. The site has special appeal to Chinese investors, who can switch the language displayed with a mouse click.

Cons: Level II quotes cost an additional $19.95 per month; other research offerings are on the light side compared to other brokers at Firstrade's price point. Complex options strategies can only be traded via live broker with a $20 surcharge.

Pros: Very low fees and a growing array of trading tools. Margin fees are on the low end as well. President Fuad Ahmed says he wants the site to be the JetBlue of online brokerage-clean, good tools, low cost. Just2Trade added features such as simple options trading that were not available for last year's review. "Express Buy" lets you enter market orders for up to eight stocks at a time (though you can only get real time quotes for one at a time); will add "Express Sell" this quarter. Free Level II quotes in new "Trading Desk" application, which opens in a separate screen. Offering Maxit tax accounting software, launched March 14.

Cons: Can only trade stocks on "Trading Desk." To get a real-time quote when trading, you have to hit an extra key and can only view one quote at a time. Complex options trading not yet available, but planned for summer 2008.

Pros: Ten free trades per month (down from 40 last year) on a site that is showing continued improvement. High account balance holders receive streaming quotes and charts, supplied by QuoteStream for free (others pay $20/month). Improved customer service with a goal of being friendly and engaged. Good options analytics with plans to improve those capabilities over the next year. Extremely active community site designed to leverage collective wisdom to generate trading ideas. Community members can view best performers' holdings and trading activity, join groups and trade ideas.

Cons: QuoteStream application is not yet integrated with trading, so you have to flip back to the Website to use the information. Lots of plans that are not yet realized.

AS GOOD AS MANY OF THESE services are at providing near-instantaneous online information and transactions for traders, they will have to get better and more creative. The swelling of the retirement ranks means online brokers will have to adjust their systems and investment objectives. Emerging venues like the iPhone present new technical challenges, and old annoyances like identity theft remain to be conquered. And the increasingly complicated array of derivative securities must be explained to investors. As always, it's a matter of making the trading world simpler -- with the click of a mouse.

Banks Fall Short in Online Services for Savvy Traders

WE EVALUATED THREE ONLINE BROKERAGES owned by banks this year. They didn't do particularly well.

Banc of America Investment Services (a unit of Bank of America), WellsTrade (Wells Fargo) and ShareBuilder (now part of ING Direct, which is backed by the huge Dutch bank ING) all finished in the bottom five of our overall rankings, mainly because they don't offer much when it comes to trading technology or product range.

One-stop financial shoppers who don't trade often might find these bank-based brokers convenient and easy to use. But they're foregoing a lot of customized tools and analytics, not to mention access to assets other than stocks or mutual funds. That doesn't seem like, well, a good trade.

Despite widely publicized commission-free trading offers from Wells and BofA, neither their sites nor ING's is appropriate for the frequent trader. Both Wells and BofA allow customers a certain allotment of free trades, 100 a year for Wells, 30 a month for BofA, as long as they deposit enough money in their brokerage and bank accounts. BofA's research is available only to those who have more than $10,000 in their brokerage accounts, so free trades don't really do a lot for those who are just starting out and need help (to get free trades, you must keep $25,000 at BofA).

At Wells, you can transfer money from your checking account in and out of your brokerage account, but there's a delay of up to a business day. ING's ShareBuilder says it takes a day to credit your trading account when you transfer money from your ING Direct account. E*Trade, which also combines a bank with a brokerage, makes the transfers on the same day, giving you quicker access to your money.

The trading applications are not quite as sophisticated as other Web-based brokers. None of these bank brokers gives you a real-time quote until you're in the process of placing an order. If you're like me and use limit orders for most transactions, that miserly approach makes choosing the right price much slower.

There's little of interest for options traders at these sites. They'll dish up some options chains, but the display is basic and you can't trade complex options.

Creature comforts like pre-filled order tickets are not available. The sites have a late- 20th-century feel to them, though Wells offers some customization and more in-depth portfolio reporting.

Of the three, Wells' order execution gives traders the best prices. Neither ShareBuilder nor BofA reports any price improvement via their traders, while Wells says that 24% of stock orders and 17% of options orders get price improvement. (Price improvement occurs when a firm offers better than standard bid-ask terms.)

ShareBuilder was acquired by ING in November 2007. The site was redesigned in December, with numerous orange accents, to reflect the Dutch bank's brand affiliation. It also reduced the commission for real-time trades to $9.95 for stocks. Understandable in light of ING's emphasis on high rates for short-term investment vehicles, it's more savings than trading oriented. It offers customers the ability to trade dollar lots of shares on a regular basis. For instance, you can set up a subscription that lets you buy, say, $100 worth of Google shares every month, though there's a fee.

BofA and Wells also charge maintenance fees, which apply to accounts under a certain dollar threshold if you don't have other relationships with the bank. There's little reason to have a brokerage account separate from a banking relationship. If you want better trading tools, quality executions and good reports, you should check out the firms that focus on those amenities.

-- TWC

WE RANKED OUR 23 BROKERS USING THE FOLLOWING MEASURES:

Trade Experience: Working with a live account, we looked for a real-time quote and executed equity trades during market hours, making market buys and limit sales of a stock or exchange-traded fund. A real-time quote that is displayed without any additional user input (such as typing the symbol into a separate box or hitting a "Quote" button) is preferred. Following the market buy, we tracked the execution and portfolio reports. We looked for pre-filled order tickets when selling a position, which eliminates possible errors during the closing process. After entering a limit-sale order, we examined the open-order reports and looked at ways to check the progress of the order, as well as ways to adjust the limit price or cancel the order. We also placed options orders, using options' order-entry screens when available. As well, we examined mutual-fund, bond, and (when available) futures, commodities and foreign-exchange order-entry screens.

An overall score of 5 in Trade Experience means the order entry-and-execution process flowed easily from one step to the next, with real-time information available when needed.

Trading Technology: The availability of price-improvement strategies and smart-order routing technology (which finds the best bid or offer) were necessary to earn a 5 in this category. Brokers offering price improvement -- a sale above the bid price, a buy below the offer -- received a fraction of a point depending on the portion of their transactions that benefited. Top marks were earned by brokers who offered a wide array of order types, including conditional orders. The ability to place a trade from a graph earned a fraction of a point. In addition, we looked for ways to customize the trading experience, such as setting a default number of shares or contracts, to speed order entry.

Usability: A 5 here means the site or program was easy to use and well-designed, didn't bog down when moving from screen to screen, and can be tailored to the user's needs. Constant availability of a trading ticket is key.

Range of Offerings: We awarded points for the diversity of investments that can be traded online, with partial points given for those that can only be traded offline. Since all the brokers allow long and short stock-trading, as well as single-leg options orders online, we don't award points for those transactions. We asked brokers how many stocks, on average, their customers can sell short, and awarded up to a half-point based on their answer. Complex options trading, and the availability of mutual funds, bonds, futures, commodities and international trading were also considered. A 5 in this category means you can execute all of these transactions online.

Research Amenities: This category measures the quality and accessibility of research, quotes and charting. We looked for research, news and charting linked to a customer's portfolio and watch lists; the quality of third-party research and its integration with the rest of the site; and the availability of screeners, with special emphasis on options-strategy screeners. Brokers also won points for offering real-time streaming quotes at no additional cost, powerful charting capabilities, and Level II quotes.

Portfolio Analysis and Reports: The emphasis here is on clearly laid-out reports, updated in real time, showing current balances, positions and margin status. Portfolio-analysis reports, with links to news and research, as well as extensive transaction history, are most desirable. Tax reporting also falls in this category.

Help and Customer Access: We sized up online help such as live-chat capability, user guides and frequently-asked-question files. Offline help was assessed by making calls to customer service, and weighing the brokers' reports of the average time spent on hold when a customer calls in. We took a look at the education offerings, both online and live. The ability to visit a broker in person, to access the account via a mobile device, to place touchtone trades or to place an order over the phone were factors. This category also considers the rate a broker pays for a customer's cash.

Costs: We looked at commissions for stock and options trades and margin interest rates, giving more points for lower costs. We scaled the points awarded so that the lowest costs in the group earned the maximum number of points, with fractions given to the more expensive brokers. Stock commissions are the biggest factor here, but options and mutual-fund transaction fees are also considered. A 5 could be earned here by very low stock and mutual-fund commissions, less than $8.00 for 10 options contracts, margin interest rates below 5.5% and no account-maintenance fees.